‘We Spend More Money On Debt Service, Fuel Subsidy Than On Education’: Sanusi Slams Govt Spending


A former Governor of the Central Bank of Nigeria, Lamido Sanusi, has slammed the Federal Government for failing to prioritise education in the country.

According to him, one out of every six children are out of school in Nigeria.

He said this at the 27th National Economic Summit in Abuja on Tuesday, adding that the leadership has to understand the need for development, especially in the education sector.

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“Where you are dealing with a country where 40% of the population is living in extreme poverty or 1 out of every 6 children in the world are out of school in this country, you cannot fix this problem without having a leadership that understands what development is,” the ex-CBN governor said.

“Where are we spending our money? Does the Nigerian state even consider development as a critical priority? Forget the noise; where are we spending our money?

“We spend more money on debt service, fuel subsidy, overheads, and the National Assembly than on education. We’re spending less money on education and healthcare than countries like Ghana are spending. We’re spending less money on R&D than countries like Kenya and Rwanda,” he added.

According to him, if Nigeria does not understand that development is about human beings, everything will fall by the wayside.

“So, the biggest accelerator is political; having a political leadership that understands that the state should be a developmental state and not a populist state,” he explained.

Girl-Child Education Is Key To Our National Development, Says Sanusi

File photo of Former Central Bank Governor, Muhammadu Sanusi II.


Former Central Bank Governor, Lamido Sanusi has stated his belief that educating the girl-child is crucial to Nigeria’s socio-economic development.

Mr Sanusi who stated this on Wednesday during the launch of the Sustainable Development Goals (SDG) challenge for local community teachers in the country, explained that the project will provide opportunities to improve access to quality and gender-responsive education for women and girls in crisis, conflict, and fragile situations.

He revealed that the project is in partnership with a Canada-based social enterprise, 1 Million Teachers (1MT) who will provide equitable and high impact initiatives that can enhance learning opportunities for the less privileged in the society.

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“Education holds the key to our development. We must continue to give priority attention to the sector because it is the bedrock of any development.

“We are part of wider society, our happiness, our success, and prosperity will come to nothing if we do not ensure that the vast majority amongst us share in that prosperity and success. I have the strong belief that educating the girl child will improve nutrition, reduce infant mortality, poverty, and provide a better life for the deprived in our society.”

He added that the project which will also be funded through an endowment fund, “aims to inspire and catalyse innovative community development activities that support the achievement of the SDGs, particularly quality education and gender equality.”

Mr Sanusi who is the Chancellor of the Kaduna State University said that community teachers who have ideas on how education can be delivered qualitatively and equitably to grassroots communities can apply for the challenge.

He stated that “successful applicants will receive 10 grants of $500 each across Sub-Saharan African countries annually.”

Participating teachers will have the learning opportunities in Design thinking, Stakeholder engagement, Project management.

In addition to this, one on one access to specialist advisors from Queen’s University Faculty of Education (Canada) and a dedicated mentor for each program.

Application to enter into the programme will kick off on the 1st October and close on October 31, 2020, and the eventual Winners/Awardees will be announced on December 15, 2020,” he stated.

Border Closure: We Cannot Allow Neighbouring Countries Undermine Our Productive Industry, Says Sanusi

Emir of Kano, Lamido Sanusi


The Emir of Kano, Lamido Sanusi, on Thursday said the Federal Government’s decision to close its border is among measures to preserve the nation’s foreign policy in the national interest.

According to him, the border closure will protect Nigeria’s productive industry from destruction.

Sanusi disclosed this at the launch of the maiden foreign policy journal by the Association of Retired Career Ambassadors of Nigeria.

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“If we have an industrial policy that is aimed at protecting the productive sector of Nigeria against unfair competition, we cannot allow our neighbours to open their door to this unfair competition and through the backdoor undermine our industry, this is extremely important,” the Emir said.

He added that the decision was meant to stop neighbouring countries from violating the ECOWAS protocol, given that Nigeria was fast becoming a dumping ground.

The border closure, he concluded, will not only address the problem of smuggling petroleum products and rice but also prevent a situation where Nigeria is turned into a dumpsite for dangerous drugs.

Buhari Dissolves Board Of NNPC

NNPC logo2Nigeria’s President, Muhammadu Buhari, has dissolved the board of the Nigerian National Petroleum Corporation (NNPC) with immediate effect.

The dissolution of was contained in a letter to the board on Friday signed by the Head of the Civil Service of the Federation, Mr Danladi Kifasi.

In the letter the President thanked members of the dissolved board of the NNPC for their services to the nation.

During his campaigns, President Buhari had reiterated his commitment to sanitising the NNPC and blocking fund leakages in the corporation.

The NNPC had come under scrutiny in late 2013 after the former Governor of the Central Bank of Nigeria alleged that the corporation had not remitted $20 billion made from the sale of crude oil to the Federation Account between 2012 and 2013.

President Buhari, had in April stated that his administration would revisit the alleged missing $20 billion.

He made the statement while receiving delegates from Adamawa State.

The President said: “$20 billion dollars is too huge a sum to ignore and must be investigated”.

“Jega Will Go, Heavens Won’t Fall” – Fayose

Voter register
INEC Chairman, Prof. Attahiru Jega

Ekiti State Governor, Mr Ayodele Fayose has described outbursts of the All Progressives Congress (APC) over the possible removal of the Independent National Electoral Commission (INEC) Chairman, Professor Attahiru Jega as “mere comedy”, stressing that the President of Nigeria, Goodluck Jonathan, could sack him if he wishes.

The Governor in a statement on Wednesday, said the APC should stop acting as if Nigeria belongs to the party.

Fayose said: “By turning themselves to advocates and defenders of the INEC Chairman, the APC and its agents have shown that they have a deal with Jega to manipulate the elections and that deal will be frustrated if he is asked to leave office.”

He further stated that the removal of Jega and any other appointees of the Federal Government was a prerogative of the President, adding that no one can question the action, provided laid down rules are followed.

He said the position expressed by the House of Representatives was that of the APC members in the House, urging the APC lawmakers to rather “pay attention to the ill-health of their party’s presidential candidate, Major General Mohammadu Buhari (rtd), whose whereabouts is now a mystery”.

Fayose described Jega as partisan, noting that “by his actions and utterances, Jega had already demonstrated his bias in support of the APC.

“For instance, how can Jega explain the 80 per cent distribution of Permanent Voters Card (PVC) in Boko Haram ravaged Borno and Yobe States while less than 40 per cent were distributed in Lagos as at February 7, that the election was postponed?”

He stressed that it was on record that Professor Maurice Iwu was asked to proceed on a terminal leave two months to the end of his tenure, stating that Jega was a beneficiary of Iwu’s removal.

“If Iwu was asked to go on terminal leave before the expiration of his tenure for Jega to assume office, what difference does it make if the same was requested of the present INEC chairman?,” he questioned.

Governor Fayose further said it was the President that could determine whether or not Professor Jega would go on the mandatory 3 months terminal leave which ought to commence by March 8, stating that “if the President decides that the INEC chairman should go on terminal leave, what can the APC loudmouths do?

“Therefore, let me say it categorically that the noise being made by the APC and their agents will amount to nothing because if the President removes Jega today, heavens will not fall.”

Jega’s Leave: Why Remove Referee Before Game Ends?

Soni MonidafeAPC member, Soni Monidafe on Wednesday weighed in on the controversy surrounding INEC Chairman, Attahiru Jega’s impending (rumoured) removal, noting that removing him would be tantamount to removing a football referee before the match is over.

The House of Representatives had on Tuesday warned against the removal of the Chairman of the Independent National Electoral Commission (INEC) before the 2015 general elections, which may affect plans for the elections which have been postponed once.

In a meeting with members of the Nigerian Civil Society Situation Room, a coalition of Civil Society Organisations, the Speaker of the lower legislative chamber said “certain individuals are not in a free and fair process of elections in this country” asking the group to be vigilant against plans for another election postponement or interim government.

Supporting the warnings, a member of the Contact and Mobilisation Committee, Buhari Campaign Organisation, Soni Monidafe noted that INEC Chairman, Attahiru Jega’s appointment was political and tenured and so he could not be sent on terminal leave.

He likened the current situation of the elections to a football match moderated by a referee, asking that “What is the essence of changing a referee in the middle of a game”?

“We are in a situation where this country is on tenterhooks. There’s tension all over the place”, he said, attributing the tension to the postponed elections, which he said was carried out by “false pretense”.

He warned that any attempt to remove Jega “would not be good for our democracy”.

Commenting on rumours that the Presidency was seeking to remove the INEC Chairman before the elections are held, Mr Monidafe recalled that such had happened before, mentioning former President of the Court of Appeal, Ayo Salami and former CBN Governor, Lamido Sanusi, insisting that the people expected government to respect the rule of law.

“The case of Ayo Salami has a similar bearing to what we are seeing right now. People did not expect Ayo Salami to be eventually removed. It was done,” he said.

He disregarded the Presidency’s denial of planning to remove Jega, arguing that they had also denied planning a shift in the elections.

He noted that there were rumours Jega was to embark on his terminal leave on the 24th of March, four days to the election, adding that “what is so important about getting Jega to go on terminal leave that they will want to put this country in trouble”.

Jonathan Meets Sanusi At Last

President Goodluck Jonathan and a former Central Bank Governor, Lamido Sanusi, met for the first time since he (Sanusi) became the Emir of Kano.

The former CBN boss was one of the northern traditional rulers who joined President Jonathan in the Presidential Villa, Abuja, for the breaking of Ramadan fast.

The traditional rulers were led by the Sultan of Sokoto, Sa’ad Abubakar III.

Sanusi led others in a special prayer for peace during the short event held inside the President’s residence.

The President later took turns to shake hands with all the traditional rulers in attendance, including Sanusi.

Abubakar, who spoke on behalf of his colleagues, condemned the bomb blasts recorded in Kaduna earlier in the day, as well as other acts of violence across the country.

While describing the perpetrators as enemies of humanity, he insisted that they and their sponsors had no Islamic agenda.

He requested that the President should grant the traditional rulers an audience in the nearest future in order to discuss issues of national importance.

The President granted the request immediately.

In his short remarks, President Jonathan urged the traditional rulers to team up with his administration to end insurgency.

While seeking for more prayers, he said that the situation could have been worse if not for prayers.

Sanusi’ Suit Against FG Over His Suspension Stalled  

Sanusi-Lamido-SanusiHearing of the suit filed by the former governor of the Central Bank of Nigeria, Mr Lamido Sanusi, against the Federal Government, challenging his suspension from office as the governor of the apex bank has been stalled following an application for adjournment by his lawyers.

At the resumed hearing of the suit, lawyer to the plaintiff, Mr Kola Awodehin, told the National Industrial Court in Abuja on Friday that he needed to consult his client in view of his position as the new Emir of Kano.

Lawyer to the Attorney General of the Federation, Mr Mike Ozekhome, who did not oppose the application for adjournment, said that all counsels in the suit agreed to allow the plaintiff’s counsel consult with his client before the next sitting.

Having consented to the plaintiff’s application, presiding judge, Justice Babatunde Adejumo, adjourned further hearing of the suit to 4 July.

Sanusi was suspended by President Goodluck Jonathan on February 20 on allegations of financial recklessness.

Sanusi has denied the allegations.

CBN Governor Pledges To Focus On Building Resilient Financial System

Godwin Emefiele-CBN-GovernorThe New Central Bank of Nigeria governor, Mr Godwin Emefiele, has pledged his commitment to building a resilient financial system.

Addressing a news conference in Abuja on Thursday, Mr Emefiele also promised to ensure that the cashless policy of the bank spreads to other parts of the country before the end of July.

The new apex bank chief also stopped all charges on deposits made by customers.

In his first speech as the governor of the bank, he said that the bank would remain apolitical for the next five years and would also strive to maintain a healthy external reserve.

Top officials of the bank and heads of agencies and parastatals from the financial sector were at the maiden news conference by the governor of the apex bank.

Reeling out his agenda, Mr Emefiele said that the bank would remain focused, with a continuous commitment to ensuring macro-economic stability.

The cashless policy was introduced the cashless policy that was introduced by the former governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, and Mr Emefiele stressed that by July the policy would be spread across the country while charges on cash withdrawals will be reviewed.

He did not state whether it will be a downward or upward review.

For the days ahead, the apex bank says Nigerians should expect a reduction in key interest rates, risk based supervision and investment in key sectors like petroleum and agriculture sectors to boost job creation and reduce poverty.

The CBN governor took over from Dr Sarah Alade, who had been in an acting capacity for three months, two days ago, promising to reel out his agenda on Thursday.

The new governor of the apex bank has announced ambitious plans for the economy. It is hoped that these plans would be matched with actions in the days ahead.

Nigeria’s New Apex Bank Governor Assumes Office

Godwin EmefieleNigeria’s new Central Bank Governor, Mr Godwin Emefiele, resumed office on Tuesday and will address a press conference on Thursday.

Addressing reporters at the apex bank’s headquarter in Abuja where he was received by other deputy governors as he takes over the leadership of the bank, Mr Emefiele said he would reel out his plans for the bank during the press briefing.

Mr Emefiele took over from Dr Sarah Alade, had been in acting capacity for three months since the suspension of the former central Bank governor, Lamido Sanusi on allegation of financial recklessness.

“I shall be addressing the world press conference on Thursday where I shall be unveiling my agenda for the Central Bank of Nigeria (CBN) and for the people of Nigeria”, he said.

The senate confirmed Mr Emefiele as the Central Bank Governor designate on March 26 after screening him for almost two hours.

Laying out his vision for the CBN during the screening, Mr Emefiele said he would ensure that Nigeria maintained a strong exchange rate, stressing that devaluation is not an option.

Emefiele’s confirmation marked the beginning of a new era in the CBN after the suspension of Mr Lamido Sanusi on February 20 by President Goodluck Jonathan for alleged financial recklessness.

He served as Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning of Zenith Bank and had been Management team since inception.

Mr Emefiele has over 18 years of banking experience and has lectured Finance and Insurance at the University of Nigeria Nsukka, and University of Port Harcourt, respectively.

He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton Graduate Schools of Business (2005).

He holds a B.Sc Degree and an MBA Degree in Finance, both from the University of Nigeria, Nsukka.



Expectations Heighten As Emefiele Resumes As CBN Governor

vlcsnap-2014-06-03-13h12m27s245Expectations have continued to heighten as the new Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, resumes work.

An economic analyst, Mr Henry Boyo, who was our guest our business programme Business Morning, expects Mr Emefiele to maintain price stability, which according to him is the core mandate of the Central Bank.

He said that the new apex bank boss should find a way to curb the excess liquidity in the system and ensure that Government stops borrowing back its money at a higher interest rate.

Mr Emefiele takes over from Dr Sarah Alade, who had acted as the CBN Governor for three months following the suspension of former governor of the bank, Mr Lamido Sanusi.

Sanusi Appeals Court Judgment Declining Jurisdiction To Hear His Suit

Sanusi CBNThe suspended Governor of the Central Bank of Nigeria, Lamido Sanusi, on Wednesday, filed an appeal challenging the decision of Honourable Justice Gabriel Kolawole of the Federal High Court, Abuja declining jurisdiction to hear his suit essentially seeking to re-instate him as Governor of the Central Bank of Nigeria.  

The Federal High Court had in a judgment delivered on May 20, 2014 agreed with the submissions of Counsel to the President, Dr. Fabian Ajogwu, as well as that of Counsel to the Attorney-General of the Federation, Mike Ozekhome (SAN) who had argued that the Sanusi’s suit which bothered on employment issues ought to have been brought before the National Industrial Court and not the Federal High Court.

In a Notice of Appeal filed on May 28, 2014, by Sanusi’s Counsel, Kola Awodein, the suspended Governor challenged the Judgment of the Federal High Court on 20 grounds. It was the contention of Sanusi that the Federal High Court ought not to have held that it lacks jurisdiction to entertain the suit.

Sanusi’s Counsel also contended that the transfer of the suit to the National Industrial Court by the Federal High Court was wrongful. Sanusi’s major prayer to the Court of Appeal was to set aside the judgment of the lower court as well as to allow his appeal.

However, Counsel to the President, Dr. Fabian Ajogwu, as well as Counsel to the Attorney-General have also filed Notices of Appeal challenging the decision of the Federal High Court transferring the suit to the National Industrial Court.

It was there view that the Federal High ought to have struck out the matter when it held that it did not have jurisdiction. They have also filed Motion for Stay of Proceedings at the National Industrial Court.

Kola Awodein has also filed a Motion on Notice to stay proceedings at the National Industrial Court pending the determination of the Appeal filed at the Court of Appeal by parties.

As at Press time, it is not clear whether the planned hearing of Sanusi’s suit will go on as fixed for May 30, 2014 by the National Industrial Court in the light of the Motion for Stay of Proceedings filed by parties to the suit.